The projected results of Polish Energy Partners Group for 2010

I. Projected results and the period covered by the projection

The Management Board of Polish Energy Partners S.A. in Warsaw hereby announces the projected results of Polish Energy Partners Group for 2010, as presented below.

EBITDA  – PLN 86 million, which represents an increase of 46% as compared to the level of PLN 59 million planned for 2009.

Adjusted EBITDA that covers the interest on leased assets and the share in the profits of wind farms –  PLN 90 million, which represents an increase of 29% as compared to the level of PLN 70 million planned for 2009.

Net profit of PLN 56 million, which represents an increase of 27% as compared to the level of PLN 44 million planned for 2009.

II. The basis and material assumptions for the projection

The above presented 2010 projection is made based on the projections of individual members of the Capital Group of PEP S.A. for the financial year 2010, including, in particular, the assumptions described below.

The operating profit of the entire group will be higher than the level projected for 2009 due to the full year of operations in the Titan Project at CHP Saturn and the pellet manufacturing facility in Sępólno in the Group of PEP Biomasa Energetyczna operating at ultimate capacity levels.

The projected results include the revenues from the sale of shares in developed wind farms.

In accordance with the adopted principles, a fixed exchange rate of PLN/EUR was adopted for the entire period covered by the projection.  The projection does not reflect any foreign exchange differences from the balance sheet valuation of assets and liabilities.

In 2010, the company also intends to commence the development of Modlikowice and Łukaszów wind farms with the aggregate capacity of 58 MW.  In 2010, the company plans to complete the development of subsequent wind farm projects with the aggregate capacity of approx. 300 MW.

III. The manner in which PEP S.A. monitors the prospects for generating the planned results

The prospects for generating the planned financial results will be evaluated based on the analysis of sales revenues and expenditures as well as the analysis and adjustments of adopted assumptions.

IV. Periods in which PEP S.A. will evaluate the prospects for generating the projected results and make potential adjustments to the projections

PEP S.A. will monitor and evaluate the prospects for generating the projected financial results on a quarterly basis and any material discrepancies between the actual and projected results will be announced in the form of a current report. Potential adjustments to the projections will be made following the publishing of interim reports.